XSD vs. MMKT

Last updated Jul 17, 2026

XSD (SPDR S&P Semiconductor ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor Select Industry Index, while MMKT is a Money Market fund actively managed by Texas Capital. XSD is passively managed, while MMKT is actively managed. Over the past year, XSD returned 91.59% vs 3.74% for MMKT. At a correlation of -0.03, they often move in opposite directions. XSD charges 0.35%/yr vs 0.20%/yr for MMKT.

Performance

XSD vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSD achieves a 57.73% return, which is significantly higher than MMKT's 1.86% return.

XSD

• 1D: -5.63%
• 1M: -14.92%
• 6M: 44.09%
• YTD: 57.73%
• 1Y: 91.59%
• 3Y*: 30.16%
• 5Y*: 23.82%
• 10Y*: 27.41%

MMKT

• 1D: 0.01%
• 1M: 0.28%
• 6M: 1.73%
• YTD: 1.86%
• 1Y: 3.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XSD vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XSD SPDR S&P Semiconductor ETF	57.73%	29.85%	6.16%
MMKT Texas Capital Government Money Market ETF	1.86%	4.13%	1.22%

Correlation

The correlation between XSD and MMKT is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Sep 25, 2024	-0.03

The correlation between XSD and MMKT shifts across timeframes, from -0.15 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XSD vs. MMKT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XSD

XSD Risk / Return Rank: 79
XSD Sharpe Ratio Rank: 83
XSD Sortino Ratio Rank: 69
XSD Omega Ratio Rank: 70
XSD Calmar Ratio Rank: 89
XSD Martin Ratio Rank: 86

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XSD vs. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) and Texas Capital Government Money Market ETF (MMKT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XSD	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	2.11	16.79	-14.68
Sortino ratio: Return per unit of downside risk	2.53	62.68	-60.15
Omega ratio: Gain probability vs. loss probability	1.33	16.04	-14.71
Calmar ratio: Return relative to maximum drawdown	4.19	150.53	-146.34
Martin ratio: Return relative to average drawdown	13.90	907.96	-894.06

XSD vs. MMKT - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 2.11, which is lower than the MMKT Sharpe Ratio of 16.79. The chart below compares the historical Sharpe Ratios of XSD and MMKT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XSD vs. MMKT - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XSD and MMKT.

Drawdown Indicators

	XSD	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-64.56%	-0.04%	-64.52%
Max Drawdown (1Y) Largest decline over 1 year	-21.97%	-0.02%	-21.95%
Max Drawdown (3Y) Largest decline over 3 years	-41.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.27%	—	—
Current Drawdown Current decline from peak	-21.97%	0.00%	-21.97%
Average Drawdown Average peak-to-trough decline	-13.72%	-0.00%	-13.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.61%	0.00%	+6.61%

Volatility

XSD vs. MMKT - Volatility Comparison

SPDR S&P Semiconductor ETF (XSD) has a higher volatility of 20.07% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that XSD's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSD	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.07%	0.05%	+20.02%
Volatility (6M) Calculated over the trailing 6-month period	36.94%	0.13%	+36.81%
Volatility (1Y) Calculated over the trailing 1-year period	43.56%	0.22%	+43.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.77%	0.23%	+39.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.71%	0.23%	+35.48%

XSD vs. MMKT - Expense Ratio Comparison

XSD has a 0.35% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

XSD vs. MMKT - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.15%, less than MMKT's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMKT Texas Capital Government Money Market ETF	3.68%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSD SPDR S&P Semiconductor ETF	0.15%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both XSD and MMKT in my portfolio?

XSD and MMKT have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSD or MMKT?

XSD has higher volatility (20.07%) compared to MMKT (0.05%). In terms of maximum drawdown, XSD dropped -64.56% vs MMKT's -0.04%.

Which ETF is better, XSD or MMKT?

On 1-year performance, XSD leads with 91.59% vs 3.74% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSD or MMKT?

Over the 1-year period, XSD has performed better with a 91.59% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSD or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.35% for XSD.

Which ETF pays a higher dividend yield, XSD or MMKT?

MMKT has the higher dividend yield at 3.68%, compared with 0.15% for XSD.

What is the main difference between XSD and MMKT?

XSD is categorized as Semiconductors, while MMKT is Money Market. They also come from different issuers: State Street and Texas Capital. Their fees differ too: 0.35% for XSD and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.79 vs 2.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.